Look at what these idiots are saying about unemployment and the poor!
These big CEOs are just Republican assholes. If they do this, the government needs to make it illegal to fire people. They should tax all of them at 99% and require them to hire more people instead of paying a few of them $50M a year!
How New French Law Will Increase Unemployment among the Unskilled
The new Socialist French government has issued guidelines limiting CEO pay to 20 times that of the lowest paid worker.
So if I am a CEO, I start eliminating as many low paid employees as possible, and I certainly stop hiring them. For me, it becomes about mechanizing low paid work, and hiring only high paid workers.
If I have workers on the payroll earning the French equivalent of $10 an hour, I am getting them off the payroll pronto. And therein lies some of the wackiness of central planning, a new intervention needs to be created to "fix" the untended consequences of the first intervention.
My favorite unintended consequences story is when the fur activists successfully drove down demand for seal skins and the price fell in half, what did the Inuits have to do in order to pay their bills. Yep, that's right... Kill TWICE as many seals. (True story from an in-flight magazine of a regional Canadian airline in the Arctic)
I don't know what its like in France but I would never serve as a CEO in the US at a public company for less than $2mil/yr. There is certainly no way I would do it for a lousy $200k/yr. I would rather go work for a private firm that has no limits. I've been an exec VP in a midsize public company and its without a doubt the worst experience of my life. The pressure is incredible and after SOX (ED NOTE- Sarbanes-Oxley) it made the job downright dangerous to your personal wealth. Ask the Zuck how he likes running a public company now. Everyone loves you when you hit your numbers and give great guidance, but trip up even even once, and your life becomes a living hell. You will have everyone in your face, from the little old lady that owns 100shares to analysts looking to glean information that is in violation of reg FD.
Who knows how French companies will deal with this, but you can bet that in the end it will be shareholders that will lose (read pension funds). You can expect that private firms are going to have a bonanza stealing top talent from the public firms and I'll bet that there is going to be a lot of talent heading offshore. My guess is that there will be a back door means developed to fairly compensate CEO's, otherwise, you can expect that your average French company will be run by mid level managers. Definitely a strong sell on french stocks and forget anyone taking a company like facebook public in France.
The stock market should be illegal.
"private firms are going to have a bonanza stealing top talent from the public firms and I'll bet that there is going to be a lot of talent heading offshore. My guess is that there will be a back door means developed to fairly compensate CEO's"
This is why people that leave (like that Google asshole) need to pay up for the wealth they generated while they were here.
A lot of these companies are just going to move their CEOs to another country, so they can get around this. We need to make someone like the UN make sure companies can't just "move HQ" and get away with this.
No one cares?
"These big CEOs are just Republican assholes"
Are there any other kind of Republicans?
Republicans, and anyone who thinks that people should be able to make billions off the back of the poor, are by definition "assholes".
I read that big US and UK banks were withdrawing billions each day from Greece, just so it will fail and cause prices to rise.
Rich people are trying to kill us poor people
[quote]True story from an in-flight magazine of a regional Canadian airline in the Arctic
"The pressure is incredible and after SOX (ED NOTE- Sarbanes-Oxley) it made the job downright dangerous to your personal wealth."
Try working a minimum wage job with no health benefits, no job security and terrible supervisors who enjoy abusing and humiliating you. Now THAT'S a job that's dangerous to your personal wealth and health.
Yes, R9, but going to prison (but only if you're not a member of the elite) for violating some obscure, poorly-written and overly-broad regulation contained in HR 107-204, subsection 149, part 237 is actually worse than minimum wage and no benefits.
At least you are free to quit your job and look elsewhere, or start a business, or go back to school. The thousands of "white collar criminals" who did nothing more than piss off some government agent, bureaucrat or police officer would beg to trade places with you.
If laws were simple, based on common sense (a reasonable thought) and minor violations that clearly lacked mens rea were punished accordingly then we wouldn't be talking about this. Unfortunately a hundred years of "pass more laws and the world will be better!" mentality has resulted in a country where people that want to start a business usually move overseas, resulting in shitty jobs and low pay for the people that remain.
A corrupt society has many laws- Tacitus
The CEOs can easily be replaced. The workers can't.
[quote]Rich people are trying to kill us poor people
Like rich people don't have anything better to do with their time.
Stop the paranoia. If you want a good job, go get one. Can't get one? Go back to school or marry well.
[quote]At least you are free to quit your job and look elsewhere, or start a business, or go back to school.
Yes, poor people are "free" to do any of these things. Why DON'T they all just start businesses instead of cluttering up the unemployment office?
You have a very simple view of the world.
NEWSFLASH: Nothing is free in this society. And the poor are certainly not as free as the rich.